NCNA - Why Is Akero Therapeutics (AKRO) Stock Down 58% Today?
2023-10-10 09:29:53 ET
InvestorPlace - Stock Market News, Stock Advice & Trading Tips
Akero Therapeutics (NASDAQ: AKRO ) stock is falling hard on Tuesday after the company failed to impress investors with its latest clinical trial results.
The bad news comes from the company’s Phase 2b Symmetry study evaluating the effectiveness of efruxifermin in patients with compensated cirrhosis (F4) due to nonalcoholic steatohepatitis (NASH).
Investors are focusing on the stat for “improvement in at least one stage of fibrosis without worsening NASH.” This saw 22% of patients on the 28 mg dose, and 24% of patients on the 50 mg see an improvement. While that sounds good at first, traders will note that 14% of patients on placebo also saw the same improvement.
Another strange point of data from the clinical trial comes from the “NASH resolution AND improvement of at least one stage of fibrosis (%).” This is sitting at 21% in the 28 mg dose category and only 14% in the 50 mg dose category. For comparison, the placebo category came in at 9%.
What’s Next for Akero Therapeutics?
Despite the mixed results from the clinical trial, Akero Therapeutics’ leaders are remaining positive. Company president and CEO Andrew Cheng said the following about the results:
“We believe this analysis of the SYMMETRY study contributes to a growing body of evidence for EFX’s potential to benefit patients with NASH who are either cirrhotic or pre-cirrhotic.”
With today’s news comes heavy trading of AKRO stock as investors sell shares. This has more than 4 million units on the move as of Tuesday morning. For the record, its daily average trading volume is about 735,000 shares.
AKRO stock is down 57.5% as of Tuesday morning.
There’s more stock market news traders will want to know about below!
We’re offering the biggest stock market stories traders need to know about on Tuesday! A few examples include why shares of Rivian Automotive (NASDAQ: RIVN ), NuCana (NASDAQ: NCNA ) and Borqs Technologies (NASDAQ: BRQS ) stock are moving today. All of that news is ready to go at the following links!
More Tuesday Stock Market News
- RIVN Stock Alert: Rivian Scores a New ‘Buy’ Rating
- Why Is NuCana (NCNA) Stock Down Today?
- Why Is Borqs Technologies (BRQS) Stock Down 8% Today?
On the date of publication, William White did not have (either directly or indirectly) any positions in the securities mentioned in this article. The opinions expressed in this article are those of the writer, subject to the InvestorPlace.com Publishing Guidelines .
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